Is Commercial Property Insurance Enough?

12/20/2019 (Permalink)

Commercial property insurance can help, but look into additional choices

Intense winds and rains can cripple a business, ripping off roofs and busting windows. Add to that the possibility of fire and water damage, and store owners in Urban Reserve, TX, may be concerned about massive losses. Your insurance company can help you rebuild. In the meantime, though, the company will be closed, undergoing storm restoration services. Can your agent offer you more? Discuss different agreements, considering the following details.

What Does A Typical Policy Include?

Chances are you purchased property insurance. When something happens, the insurer needs to inspect the building, assessing any problems. You'll need to pay the deductible, a price that varies per arrangement. Then, the agency should issue a check for the repairs. The closed business cannot bring in income, so you'll desire attention and remediation. The following should be covered:

• Correcting or replacing structural issues
• Drying out rooms
• Replacing ruined flooring or drywall
• Applying antimicrobial spray
  

Sometimes ruined merchandise, equipment and machinery may be included as well. Speak with the agent annually about rebuild protocols.

What Else Would You Need?
Life needs to go on despite the catastrophic trouble. As a go-getter, you may have found a way to relocate operations, or you may simply want to know how to keep afloat during this insanity. While you have insurance compensation for restoration, you may not have anything to help with changing venues or paying debts during closure. Consider adding business interruption services. Combined with your original deal, you'll receive several benefits. For example, every day the doors are shut, you lose money, turning away customers to rival corporations. With this, your records can be evaluated, calculating approximate revenue. A check can be issued in that amount. Furthermore, you're not making income, but the utilities are running. Use this policy to pay your bills. This is a lifeline.
A rebuild can be stressful. You may worry about how you'll survive the temporary halt. Commercial property insurance can help, but look into additional choices. If you want more, ask about enhancing your policy.